Nowadays, when it comes to making money through online business in Nigeria, most people make it look so complicated. There are many steps, business models, strategies, and tactics required to succeed online.
Today we will discuss some lucrative online business that can change your life. Therefore, the eight lucrative online legit business in Nigeria are as follows:
E-Commerce Online Business in Nigeria 2020
E-commerce refers to the selling of both physical and digital products online. It is one of the most lucrative online business idea in Nigeria in 2020. Let’s say you buy products from wholesalers and manufacturers and sell on your website like that of a retailer. Amazon, AliExpress, eBay, and Jumia are the perfect example of eCommerce websites.
You’re selling a physical product; maybe you get it from Alibaba or Amazon, even when you’re selling products on Konga. That is the e-commerce business model. It is among the most lucrative online business models.
Nevertheless, it is a business that calls for the most amount of expertise and capital. Now you are dealing with customer service, building a team, and fulfilling the product. You are dealing with the product image, the photo and more. It requires driving traffic through search engine or paid networks.
Perhaps, you do some affiliate deal, but your margins are usually not very high because you’re selling a physical product. So, it means that you need to sell a lot of volumes to make any significant amount of money.
Dropshipping is a lucrative online business in Nigeria
Dropshipping is another lucrative business in Nigeria. So, in case you do not have a product to market? Let’s say you do not have a lot of cash, a large amount of capital to get started, then what do you do? Well, dropshipping is another online business model. You will find a lot of folks making a good amount of cash with this particular model. Now with this model, you’re working with a wholesaler or a distributor, they have all the products, and they would do the fulfillment.
You’re acting as a marketer who drives traffic through social media, email marketing or your website. You create a virtual storefront where you take the order, after which you send out the order to a distributor or a wholesaler, they will ship it to the customer for you.
Generally, they will charge you money, and sometimes they charge you kind of a handling fee, maybe two dollars, three dollars or perhaps five dollars. And that is just how you make money.
Nevertheless, the profit margin can be thin since you’re selling one item at the same time. You’ve to be extremely careful knowing just how much you spend to get each customer, to generate traffic. So you’ve to understand your metrics very well, because in the business you might spend a whole bunch of cash, and in case you do not make those sales, you are the one that is taking the risk.
The wholesaler, the distributor, is not on the losing side. They only fulfill a product when you create a sale. And so as a dropshipper, you are the one that is doing all the marketing, you’ve to front end a lot of advertising costs, and you just get paid after a sale is made by you.
Affiliate Marketing is a lucrative online business in Nigeria 2020
Affiliate marketing is another lucrative online untapped business in Nigeria. I like the online marketing model, which is how many made their first fortune on the internet.
Today, what is stunning about the affiliate marketing model is you are acting as a middle person. This model does not require you to have the product of yours; you can select a handful of products that are good that you believe in and would love to promote. Additionally, you do not have to cope with the inventory or perhaps deal with fulfillment.
Nevertheless, you can test different free traffic sources or paid traffic. Drive quality visitors to the affiliate offer, and from there you earn when your lead makes purchases.
Attempt to calculate and track the performance, and afterward, you will have the ability to obtain a commission check every month. I like the online marketing model, but there is one catch. To be the best affiliate marketer, guess what? You’ve to be a good internet marketer.
You have to find out what you are performing in terms of doing online type marketing. You’ve to know what you’re doing. It’s not a simple thing, but it’s more comfortable compared to some other kinds of online business models.
The software business is a profitable online business in Nigeria
The software business is a lucrative online untapped business in Nigeria that requires programming skill or investment in hiring programmers. Nowadays, the software business is a huge online business model. It is a model that is scalable if you know what you’re doing and you can see companies making millions of dollars, tens of millions of dollars, hundreds of millions of dollars. It could be any software that solves a problem in the marketplace.
Today, why is this model so powerful? It is since it does not matter whether you sell that piece of software to a single customer or perhaps 10,000 customers, it’s the same solution that gets replicated, which lots of users can make use of at the same time, so that is the reason why it is such a great business model. All that you need do is usually to hire programmers or developers to develop that software program for you.
The trouble associated with this is whether the software program isn’t done right, you can burn thousands of dollars or millions of dollars before getting a return. Nevertheless, in case you understand what you are doing, the software business is actually among the most effective ways to make millions of dollars online.
Google AdSense is a lucrative online business in Nigeria 2020
Now Google AdSense is a well-known advertising program that enables you to run ads on your blog or website or YouTube videos. And you get paid once guests or site users click on them.
The adverts are generated from businesses that use the Google AdWords account. With AdSense, you have to possess plenty of traffic. You have to create a website, blog or YouTube channel. However, you require plenty of website visitors to earn a significant amount of money with this model.
Today the great thing is, it is free and does not cost you anything to sign up. Though the downside is you have to produce a great deal of information to make a good amount of revenue or even to keep a high income.
I have got a buddy of mine that used to create a ton of cash with Google AdSense. At the heyday of his, he was making close to a million bucks a year with AdSense only and now imagine how much his blog’s making him? Less than $15,000 a year. Thus, it is one of the lucrative online business in Nigeria, though it has not been as high as it was once.
Digital Agency and Online course business In Nigeria 2020
The digital agency is another great online hot business ideas In Nigeria. It is also known as the expert business model. Here we are talking about packaging your expertise, your knowledge, your skills, and your passion for a product. It is not only about online courses but also rendering professional services and training programs. This is about the services you provide in exchange for cash.
Perhaps you’re a digital marketer, and you’re running a social media agency, or website development agency. You’re doing any forms of programs that enhance people’s business, enhance people’s lives. That’s what I refer to as the professional business.
Freelancing is a lucrative online business idea in Nigeria 2020
If you have an innovative writing talent and skills, it is also easy to get paid to create online content. I’m very aware of just how viable the income stream is for writers.
A blogger I know makes more than $100,000 per year creating content for various other sites. And in fact, that is on top of the 6 figures he earns with the blog of his.
He told me how he started writing content in 2015. At the time, he still worked a full-time job but created content online part-time to supplement the income of his. With time, he managed to double and triple the rates of his until he can quit his full-time job to write. Nowadays, he makes bank as a freelance writer and also teaches others to do the same via the YouTube Channel of his.
Based on him, the secret to making it as a freelance writer is figuring out a niche, networking with folks who would probably hire you and delivering high-quality content hundred percent of the time. While you will find a substantial amount of writing job boards to enable you to get started, he says it is simple enough to find starter writing jobs on sites like Upwork
Youtube is one of the most lucrative online business in Nigeria
YouTube is one of the most lucrative online business ideas in Nigeria. You can promote all other business models with YouTube. With this model, you can create engaging and informative videos and upload on YouTube channel to promote your business. Use valuable keywords to rank and send traffic to your site. Also, you can create a video tutorial on how to use your affiliate products on YouTube.
Nevertheless, YouTube can be a good source of traffic for your Dropshipping business. You have to create highly engaging videos for your store with relevant keywords that can generate traffic for your virtual storefront. This can help to increase your dropshipping sales. So, when you get an order, you send that to your wholesaler, and they will fulfill the request on your behalf.
Today, because the affiliate marketing business is very competitive, it is not only you as an affiliate that is promoting an offer for that specific product. You build trust when you are educating or informing your potential buyers through YouTube videos and content. Then when the person wants to learn more about it, he/she will click on the link attached and then could buy your affiliate offer as well.
For the expert and software development business, in case you’d love to reach a mass market quickly, you can smoothly run ads on YouTube. And giving out maybe a free trial, the freemium model for the software program of yours on YouTube, your viewers can see it, and you reach millions and millions of individuals just like that.
And from there, you can get plenty of users. Even if you tested the product; you would like to see how people want the software of yours, and YouTube is one of the ways to do this.
If you have a robust YouTube channel, you can enhance any of these revenue streams that you have right now.
I have explained some of the online business models anybody can use to make money in Nigeria. However, you can add more online business model not mentioned in the comment section below. Also, you can as questions on the online business in Nigeria you intend to start. I will answer your questions as soon as possible.